Salesforce Trims ✂️ Full-Year Revenue Expectations 💰
Scott D. Clary | Daily Business, Tech & Finance Newsletter
Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
If you’d like to suggest topics, provide some feedback (much appreciated), update your email preferences (unsub 🥺), reply directly to this email.
Here’s whats happening:
- Salesforce trims full-year revenue expectations
- Tesla EVs will be able to connect to Starlink satellites
- Bored Apes single to be performed by Eminem and Snoop Dogg
- Nreal secures $15 million in funding
- Chipotle Workers in Michigan Vote to Union
Salesforce Trims ✂️ Full-Year Revenue Expectations 💰
Cloud-based software firm Salesforce beat quarterly expectations but came up short on guidance for the current quarter and the full financial year.
Here are the key figures:
- Earnings: $1.19 per share, adjusted, vs. $1.02 per share, expected by analysts. 🔺️
- Revenue: $7.72 billion vs. $7.69 billion, expected by analysts. 🔺️
The good news: The company revenue increased 22% 🔺️ in the quarter ended July 31 from the year-earlier period.
The bad news: Net income of $68 million was down from $535 million 🔻 in the year-earlier quarter.
What’s next? 👀
Salesforce reduced its fiscal 2023 guidance for both earnings and revenue.
The company now expects $4.71 to $4.73 in earnings per share and $30.9 billion to $31 billion in revenue.
The problem is the impending economic slowdown. Salesforce says that its customers are increasingly letting their agreements expire, while those that renew their agreements are so tentative that it’s taking longer than normal to get it done.
Tesla EVs Will be Able to Connect to Starlink Satellites 🛰
Tesla CEO Elon Musk revealed that SpaceX would be launching new Starlink satellites that have the ability to transmit directly to mobile phones.
Musk’s revelation came just after T-Mobile and SpaceX 🤝 made a joint announcement that they are working to eliminate mobile dead zones by leveraging Starlink.
In response to a tweet asking whether the connections will work with Tesla’s electric cars, which currently connect to AT&T’s LTE network, Musk answered “Yes.”
The plan: 💡
Under the new plan, which they dubbed Coverage Above and Beyond, both companies will establish a new network using the telco’s mid-band spectrum across the United States.
Even though the latest announcement revolves around T-Mobile’s network in the U.S., Musk said that Starlink V2 could help eliminate dead zones across the world.
He also noted that SpaceX planned to work with partners in other parts of the world to make it happen.
Bored Apes Single to be Performed by Eminem And Snoop Dogg 🎙
Non-fungible token (NFT) friendly rap icons Eminem and Snoop Dogg will be performing at MTV’s Video Music Awards (VMAs) together on August 28, in a performance inspired by the Otherside metaverse and Bored Ape Yacht Club (BAYC) NFTs.
What is Otherside?
The Otherside is a collaboration project between Yuga Labs’ BAYC and NFT investment and gaming giant Animoca Brands.
It is still in development and has not yet a confirmed release date.
The importance of this collaboration:
This VMA performance is yet another example of how NFTs are entering the mainstream culture.
NFTs, which are unique blockchain tokens that signify ownership — have become digital status symbols for the rich and famous, and Bored Apes have been co-opted for everything from fast food restaurants to M&Ms.
What’s more, the partnership with global rap icons will give some major mainstream exposure to Otherside by transforming the VMAs stage into its style for their latest collaborative single, ‘From the D 2 the LBC’. Specific details of the performance are sparse at this stage.
Nreal Secures $15 Million in Funding 💰
Augmented reality glasses maker Nreal has raised $15 million in a funding round.
The latest investment, which comes just five months after Nreal’s $60 million Series C extension, boosts its total raised to $240 million since its inception in 2017.
The funding was led by gentle monster parent firm IICombined.
What will Nreal do with the funds?
Nreal will use the fresh capital to increase investment in R&D, accelerate the company’s global business expansion into new markets this year, including China, and strengthen its existing partnerships with developers and users.
Nreal is a developer of ready-to-wear mixed reality glasses. The company aims to make mixed reality available and accessible to everyone.
Since its inception, Nreal has been at the forefront of actively developing consumer-facing mixed reality wearables.
The company’s flagship product Nreal Light is a pair of lightweight and comfortable-to-wear mixed reality glasses that sport an industry-leading wide-screen and vivid display.
Chipotle 🌯 Workers in Michigan Vote to Unionize
Workers at a Chipotle Mexican Grill in Michigan have voted to form a union, establishing the first at the fast food chain.
According to a tally by the U.S. National Labor Relations Board, employees at a store in Lansing, Michigan, voted 11–3 in support of unionizing under the Brotherhood of Teamsters.
Success Story Podcast
If you like the content in this newsletter, I host a Top 10 Business podcast, (with over 20m downloads) “Success Story”, where I unpack the playbooks of entrepreneurs, executives and other high performing individuals.
What did you think of today's email?
That’s a wrap for today, ladies & gents. See ya next week!
If you want more, be sure to follow our Twitter (@scottdclary)